We reiterate BUY for TDM despite cutting our TP by 3.2% to VND29,900/share mainly due to higher WACC outweighing a 5.2% upward revision to earnings over 2020-2024F on average.We lower 2020F NPAT by 1.4% as a higher financial income due to a cash dividend received from associate BWE — coupled with lower depreciation expenses — cannot compensate for a 4.2% cut in water sales volume. We also cut our 2021 NPAT forecast by 2.9%.